NSL (N02) H1 2026 earnings summary

Executive summary

• Group turnover for the 12 months ended 30 June 2026 was S$385.9 million, down 17% year-over-year, mainly due to lower revenue from Environmental Services and Precast & PBU divisions.

• Adjusted group profit before tax fell 21% to S$40.5 million, primarily due to losses in the Environmental Services division.

• Profit attributable to equity holders was S$23.1 million, a 38% decrease year-over-year.

• Significant impairment losses were recognized: S$6.5 million on property, plant and equipment (industrial wastewater business) and S$8.0 million goodwill impairment in the prior period (PBU Finland).

Financial highlights

• Gross profit margin remained steady at 20% for the 12-month period.

• Net asset value per share increased to S$0.57 from S$0.54 year-over-year.

• Operating cash flow for the year was S$25.5 million, down from S$67.0 million in the prior 18-month period, mainly due to working capital changes.

• Cash and cash equivalents stood at S$153.3 million as of 30 June 2026.

• Final dividend of S$0.03 per share proposed, subject to approval.

Outlook and guidance

• Precast business expected to remain satisfactory, supported by healthy order books in Singapore, Malaysia, and Dubai, barring unforeseen project delays.

• PBU business in Finland continues to face challenges from a weak housing market.

• Environmental Services division will focus on improving capacity utilization amid challenging market conditions.